bitcoin
Bitcoin (BTC) $ 50,891.64
ethereum
Ethereum (ETH) $ 2,927.30
tether
Tether (USDT) $ 0.998859
bnb
BNB (BNB) $ 376.81
usd-coin
USDC (USDC) $ 0.998102
xrp
XRP (XRP) $ 0.536742
binance-usd
BUSD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.083688
cardano
Cardano (ADA) $ 0.584136
solana
Solana (SOL) $ 101.88
matic-network
Polygon (MATIC) $ 0.978701
polkadot
Polkadot (DOT) $ 7.35
tron
TRON (TRX) $ 0.138229
Friday, February 23, 2024
More
    bitcoin
    Bitcoin (BTC) $ 50,891.64
    ethereum
    Ethereum (ETH) $ 2,927.30
    tether
    Tether (USDT) $ 0.998859
    bnb
    BNB (BNB) $ 376.81
    usd-coin
    USDC (USDC) $ 0.998102
    xrp
    XRP (XRP) $ 0.536742
    binance-usd
    BUSD (BUSD) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.083688
    cardano
    Cardano (ADA) $ 0.584136
    solana
    Solana (SOL) $ 101.88
    matic-network
    Polygon (MATIC) $ 0.978701
    polkadot
    Polkadot (DOT) $ 7.35
    tron
    TRON (TRX) $ 0.138229

    Bitcoin Value Pushes Above $44,000 as Bulls Regain Management – The place Subsequent for BTC?

    -

    -Advertisment-

    The Bitcoin (BTC) worth simply hit its highest stage because the 12th of January above $44,000.

    The world’s largest cryptocurrency by market cap appears to be taking its cue from bullish momentum in US equities.

    - Advertisement -
    BuyBitcoinsWithUsdEur

    The S&P 500 got here inside a whisker of hitting the 5,000 stage for the primary time in earlier commerce.

    The index was final up near 1% on the day with analysts citing a stronger-than-expected earnings season.

    That is probably supporting the Bitcoin worth – although the power of the connection has assorted in recent times, the Bitcoin worth has typically been positively correlated to actions within the US fairness market.

    Anticipation of simpler monetary circumstances later this yr may be serving to to assist US shares and the Bitcoin worth.

    Whereas they signaled no rush to chop charges, varied Fed policymakers jawboned about a number of fee cuts later in 2024.

    Bitcoin Value Additionally Benefitting From These Tailwinds

    Two different tailwinds are additionally probably supporting the Bitcoin worth proper now.

    A key index of US regional financial institution shares is down 11% within the final month as financial institution disaster considerations resurface.

    Worries have been triggered final week after New York Neighborhood Bancorp’s dour earnings launch, which resulted in a Moody’s downgrade.

    Crypto merchants will bear in mind again to March 2023 when considerations of a widespread implosion of US regional banks triggered sharp upside within the Bitcoin worth, which pumped from lows below $20,000 to just about $30,000 in simply 14 days on safe-haven demand.

    See also  Bitcoin Hodlers Stand Agency: Million-Greenback Desires Versus Actuality

    Main crypto market thought leaders like Arthur Hayes have predicted {that a} US financial institution disaster might return in March.

    That’s as a result of that’s when a key Fed liquidity program that saved varied regional banks final March is ready to run out.

    This might ship the Bitcoin worth to $1 million, Hayes predicted.

    Oh child …

    From junk to bankrupt, that’s the longer term.

    After which extra money printer go brrrr$BTC = $1mm pic.twitter.com/6Ia00GWYa5

    — Arthur Hayes (@CryptoHayes) February 7, 2024

    In the meantime, as safe-haven flows begin creeping again, web flows into spot Bitcoin ETFs are performing as one other main tailwind.

    As per ETF.com knowledge, outflows from Grayscale’s Bitcoin Belief (GBTC) proceed to pattern decrease.

    On Tuesday, the newly transformed ETF noticed simply $100 million in outflows, its lowest each day complete but.

    That was greater than outstripped by inflows into BlackRock’s newly launched ETF, which clocked $137 million in inflows on Tuesday.

    In the meantime, Constancy’s spot Bitcoin ETF clocked inflows of round $40 million on Tuesday.

    These two ETFs have attracted flows of practically $6 billion since launching lower than one month in the past, practically single-handedly canceling out the practically $6 billion in outflows that GBTC has seen.

    In fact, there are one other 8 newly launched spot Bitcoin ETFs which have additionally seen substantial demand.

    With the majority of GBTC promoting now seemingly within the rear-view mirror, web ETF inflows will probably present an ongoing Bitcoin worth tailwind.

    The place Subsequent for BTC?

    Again above $44,000 short-term resistance and its main transferring averages, the Bitcoin bulls look like again in management.

    See also  Investor confidence in digital belongings soars as ETP inflows surpass $1 billion in 2023

    Certainly, the sturdy bounce from the 100DMA and November 2023 assist within the $38,000s in January seems to be to have been a short-term backside.

    Dangers appear strongly tilted in direction of the Bitcoin worth transferring again in direction of its 2024 highs at $49,000 within the near-future.

    That’s assuming ETF flows stay web constructive and the market doesn’t expertise one other hawkish repricing of Fed fee chopping expectations.

    With a financial institution disaster effervescent and the halving shortly approaching, the Bitcoin worth might quickly vault above $50,000.

    -Advertisment-
    -Advertisment-
    -Advertisment-
    BuyBitcoinFiveMinute
    -Advertisment-

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    -Advertisment-

    LATEST POSTS

    Shiba Inu Burn Fee Soars 4205% Amid SHEboshi Hype, SHIB Value...

    Shiba Inu, an Ethereum-based meme coin, as soon as once more sparked immense curiosity amongst crypto market fans throughout the globe because it famous an...

    Ethereum Sees Largest Single Block Commerce Of $17 Million, What’s Subsequent?

    The world’s second-largest cryptocurrency Ethereum (ETH) extends its weekly beneficial properties above 14% and is presently buying and selling near $3,000. This Ethereum worth rally...

    DePin is a ‘Recreation-changing Answer’ That’ll Redefine Collaboration, Says Ape Terminal’s...

    The Decentralized Bodily Infrastructure Community or "DePIN" narrative has been gaining quite a lot of traction these previous few months, capturing the eye of business...

    Bitcoin Predictions for 2024: What Do Specialists Assume?

    Within the ever-evolving world of cryptocurrency, Bitcoin continues to carry its place because the pioneer and probably the most mentioned asset. As we enter 2024,...
    -Advertisment-

    Most Popular